Applied Bank® Secured Visa® Gold Preferred® Credit Card Review

What's The Applied Bank® Secured Visa® Gold Preferred® Credit Card?

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is offered through Applied Bank and was created solely to help people establish or rebuild credit.

The  Applied Bank® Secured Visa® Gold Preferred® Credit card also has one of the lowest interest rates when it comes to secured cards. 

The card also helps you build credit history by reporting to all three major credit reporting agencies. 

Like the majority of secured cards, it does require an initial security deposit once you get approved which we discuss below.

Who Is Applied Bank?

Applied Bank is FDIC insured and headquartered in Wilmington, Delaware.  They are a Delaware state chartered bank that offers commercial and consumer banking services.  

Applied Bank has been around since 1996 and they also have a strong commitment to the community by participating in a variety of local campaigns and initiatives, such as:

• The Delaware Financial Literacy Program
• Junior Achievement
• United Way
• The Ministry of Caring
• Interfaith Community Housing of Delaware
• Opportunity Center Incorporated

What Makes Them Different?

The biggest selling point of the Applied Bank® Secured Visa® Gold Preferred® Credit Card is that your approval is guaranteed because there is no credit check.

The card also has a pretty low APR compared to the other secured card products and to top it all off, you get to choose your credit limit based on your initial security deposit.

You even have the option to increase your credit limit to $5,000 which we discuss later in this review.

Applied Bank® Secured Visa® Gold Preferred® Credit Card Basics

Below are the basic features of the Applied Bank® Secured Visa® Gold Preferred® credit card:

*With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don't pay your bill.

In my personal opinion, paying a small fee to establish credit is 100% worth it; just be sure to make your payments on-time.

On Applied Bank's Secure Website

Applied Bank® Secured Visa® Gold Preferred® Credit Card Features

The Applied Bank® Secured Visa® Credit Card is packed with several features that make it one of the best secured credit cards without a credit check.

The main features of this card include: 

Paying Your Security Deposit

Your security deposit is what will determine your initial credit limit and you can use a credit, debit, or prepaid credit card to fund your deposit.

Applied Bank® accepts either MasterCard® or Visa® and the application is designed to make it quick and easy no matter if you are on mobile or desktop..

When you submit your application, you are giving Applied Bank® the authority to process the full security deposit, this will place an immediate hold on the funds selected as your credit line.

They don’t store your debit card information on file.

Requesting A Credit Limit Increase

You can request a credit limit increase at any time by contacting their Customer Service Department.

If you get approved, you’ll receive instructions on how to send the additional security deposit needed to fund the increase to your credit limit.

Increasing your own credit limit is one of the best things you can do because it decreases your credit utilization and increases your available credit.

On Applied Bank's Secure Website

Applied Bank® Secured Visa® Gold Preferred® Credit Card Pros & Cons

Alternatives To The Applied Bank® Secured Visa® Gold Preferred® Credit Card

A secured credit card through Applied Bank is a great option to get things started with your credit profile.  

However, there are a few other options available for building or re-building your credit, and if you can, I would get them in addition to the Applied Bank® Secured Visa® Gold Preferred® Credit Card.

Credit Builder Loan Through Self Lender

While these loans have a small monthly fee attached to them,  they also pull your credit report for approval.

Just like with an Applied Bank® Secured Visa® Gold Preferred® Credit Card, Credit Builder Loans report to all 3 credit reporting agencies.

The major difference is that it is an installment loan and not a revolving loan, but once the loan is paid off, the funds will be sent back to you.

We wrote a detailed guide here and a review of Self. here.

Catalog / Merchandise Account Through Fingerhut

Another great alternative are Catalog/ Merchandise Accounts.

While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.

These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.

One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here. 

Steps To Take After You're Approved

Make On Time Payments

Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.

Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.

No matter what, avoid late payments.

Keep Credit Utilization Low

Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.

For example, if your Applied Bank® Secured Visa® Gold Preferred® Credit Card has a $600 limit and you spend $120.

Spending $120 on a $600 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.